connecting bank account to Tandem

wallofbeans

Hi All,

Is there a best practice for doing this? The app is asking me to allow them to see "connected accounts and balances" and allow them to see my "transactions to provide insight into the future" and it all sounds a bit worrying...

DeLaSole

Hi wallofbeans,

The default when registering yesterday was that such things were optional so I did not select to enact them. I then deposited without issue.

Best wishes.

dcs34

You don't need either of those settings in order to operate the account, hence they are turned off by default.

You can give Tandem visibility of other accounts and if you use those permissions then in theory it can do some analysis on your spending habits. What use this will be to you, and what they'll do with the data, can be found in the T&Cs / savings agreement.

wallofbeans

Thanks both - I saw they were optional, but didn't know if they were a good idea to use - it seemed not but thanks for confirming all works without.

stinky_daddy

wallofbeans said:

Hi All,

Is there a best practice for doing this? The app is asking me to allow them to see "connected accounts and balances" and allow them to see my "transactions to provide insight into the future" and it all sounds a bit worrying...

As dcs34 advised, you do not need to grant them access (it is after all optional) in order to run the account

allegro120

wallofbeans said:

Thanks both - I saw they were optional, but didn't know if they were a good idea to use - it seemed not but thanks for confirming all works without.

I enable "balance".  It is handy to see all balances of my bank accounts on one page.  I don't enable "transactions", don't see any point in doing this.

nedwilsher

I am one of those who wonder why Tandem needs this level of so called security. Other banks simply rely on transfers from and to a nominated account (in your name) - but this spying into your private personal account has a nasty feel to it. Why do they need to know about transactions? Marketing, one suspects. Maybe that is why they are currently able to offer the best rates because they are selling your data.

Qyburn

If you don't let them see balance or transactions they don't learn any more than linking the account the way you describe. Less in some cases, one savings account that needed a bsnk statement to verify the account.

friolento

nedwilsher said:

I am one of those who wonder why Tandem needs this level of so called security. Other banks simply rely on transfers from and to a nominated account (in your name) - but this spying into your private personal account has a nasty feel to it. Why do they need to know about transactions? Marketing, one suspects. Maybe that is why they are currently able to offer the best rates because they are selling your data.

The default is that Tandem won't see your transactions or your balance. You can overwrite that default but it doesn't sound as if you would want to do this. Most people probably leave the default unchanged. Their privacy policy decribes what they do with the data they capture about you. If it's not to your liking, you are free not to have an account with them.

So all is well, isn't it?